Edmond de Rothschild

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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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EdR Credit Very Short Term Money market

Money market
Change in NAV (16/05/2018)
101.54 USD
Nathalie  COFFRE (Amundi Asset Management)–FR0013250578–
Nathalie COFFRE (Amundi Asset Management)
The identity of the managers presented in this document may change during the life of the product.
Risk and reward profile (1)
1234567
101.54 USD
Change in NAV (16/05/2018)
1
1234567
Risk and reward profile
Recommended holding period
Change in NAV (16/05/2018)
101.54 USD
Risk and reward profile
1234567
Recommended holding period
Nathalie COFFRE (Amundi Asset Management)  
 
The identity of the managers presented in this document may change during the life of the product.
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Investment objective

The portfolio invests in negotiable debt securities with maturities of less than 3 months denominated in euros (S&P minimum short-term rating of A-2). The performance objective is to match the EIONO index. The manager may also rely on NDS repos or bonds issued by Eurozone governments.

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Commentary 30/04/2018

The ECB's key interest rates remained unchanged in April with the refinancing rate at 0%, the deposit facility rate at -0.40%, and the margin rate at 0.25%. The Eonia closed at -0.36% at the month's end, with the 3-month Euribor unchanged at -0.328%. Risk aversion fell sharply in April, enabling sovereign yields in Germany to rise quite strongly until the ECB policy meeting. The speech made by its chief, Mario Draghi, on April 26 was cautious and rather dovish, and led to a marked dip in interest rates. The 10-year German bund went from 0.50% at March's end to 0.65% on April 25, before returning to 0.55% at the month end. Meanwhile, at the beginning of the month credit indices picked up some of the path they'd lost in March. While primary market supply was sustained, it was easily absorbed by investors despite the ECB's significantly lower level of re-purchasing under the CSPP scheme. It bought only €3 billion worth of securities in April against €5-6 billion per month since early 2018. However, on the short portion of the yield curve (below two years), credit spreads remained relatively stable. Given this climate, the fund posted a net performance of -0.36% y-o-y. Meanwhile, we continued to invest primarily on the market for negotiable debt securities. These currently account for a third of the portfolio. Given the prevailing trend on interest rates, hedge swaps made a positive contribution to performance.

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Change in NAV

Chart – Base 100 (16/05/2018)
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You are about to download the historical data for a portfolio. Please note that past performance is not an indication of future performance and it may vary over time. They may be affected, for example, by changes in exchange rates

Performance BH-USD Cumulative Annualised

Since inception

1.54 %

1.11 %

Since 01/01/2018 1 Year 3 Year 5 year Since inception
Cumulative

Share class (BH-USD)

Benchmark

1.54 %

1.11 %

Annualised

Share class (BH-USD)

Benchmark

*Rolling periods

Annual performance



Fund information

Inception Date (Fund)
20/08/1987
Inception Date (Part)
21/07/2017
Legal form
Mutual Fund
Benchmark
Fed Funds capitalise
Currency (fund)
EUR
Currency (share class)
USD
Distribution Policy
Accumulation
Valuation frequency
Daily
Minimum initial investment
1 Share
ISIN Code
FR0013250578
AuM (fund)
1,053 M (EUR)
Regulatory authority
AMF
Management company
Edmond de Rothschild Asset Management (France)
Delegated Management Company
Amundi Asset Management
Incorporation
France
Maximum management fee
0,250 %
Current management fee
0.250 %
Subscription and redemption conditions
Daily before 12.30 am C.E.T. on day's net asset value
Subscription fee
0.40 % max

Fund documentation

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(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.

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